In an Effort to Cut Costs in Slump,
Big Firms Shut Down Losing Funds

First, your mutual fund crashes in value. Then a letter arrives, declaring your fund is being unceremoniously merged into another fund.

Thousands of mutual-fund investors are receiving such grim tidings this spring. Last year, companies merged a record 372 funds out of existence, up from 30 in 1994, according to Thomson Financial. This year, that figure is expected to surge, with giants...